LITTLE ROCK, Ark., April 1, 2004 (PRIMEZONE) -- Cytomedix, Inc. (OTCBB:CYME) today announced it has completed a private placement raising $4.5 million in gross proceeds. Additional information regarding this transaction is available in the company's 10-KSB filed with the Securities and Exchange Commission.
"The completion of this second round of financing, combined with our other recent private placement, firmly establishes the company on a solid financial foundation. We believe the company is now sufficiently capitalized to fund our previously announced FDA clinical trials, as well as ongoing operations. There are tremendous opportunities we expect to realize through our AutoloGel(tm) System, and we look forward to reporting our progress," said Mark Cline, president of Cytomedix.
The commencement of the FDA clinical trials is based upon the U.S. Food and Drug Administration's recent approval of the company's investigational device exemption (IDE) application related to the AutoloGel(tm) System. As previously announced, a randomized, double-blinded controlled study against the standard of care for the treatment of chronic wounds at up to 12 premier sites throughout the United States, with enrollment of approximately 74 patients, is expected to commence in mid-April.
Cline also highlighted last week's favorable ruling from United States District Court Judge James B. Zagel of the Northern District of Illinois affirming Cytomedix's position regarding the scope of its claims, which relates to the use of platelet-derived therapies for treating wounds and other damaged tissue. The ruling was issued in connection with a pending patent infringement lawsuit initiated by Cytomedix against Little Rock Foot Clinic.
About Cytomedix
Cytomedix, Inc. is a biotechnology company specializing in processes and products derived from autologous platelet releasates. The current product offering is AutoloGel(tm), an autologous platelet gel composed of multiple growth factors and fibrin matrix, which is used to treat chronic wounds. Cytomedix is working with healthcare providers to offer an advanced therapy at the point-of-care in multiple settings. Additional information is available at: www.cytomedix.com.
Forward Looking Statements
Statements contained in this press release not relating to historical facts are forward-looking statements that are intended to fall within the safe harbor rule for such statements under the Private Securities Litigation Reform Act of 1995. The information contained in the forward-looking statements is inherently uncertain, and Cytomedix's actual results may differ materially due to a number of factors, many of which are beyond Cytomedix's ability to predict or control, including among others, governmental regulation, acceptance by the medical community and competition. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. More information about some of these risks and uncertainties may be found in the reports filed with the Securities and Exchange Commission by Cytomedix, Inc.